QiC meets Ghs 50 million minimum capital requirement as it launches new product for the market
Insurance firm, Quality Insurance Company (QiC), has launched onto the market a new insurance product known as the “Golden Age Comprehensive Insurance Policy”
The new insurance policy which the company describes as unique and the first of its kind in the insurance industry, is targeted at the baby boomers and silent generation that make up 40 percent of Ghana’s population and control about 70 percent of all disposable income in the country.
The unveiling of the new insurance product by QiC in barely two months to the end-2021 Ghs 50 million minimum capital requirement recapitalization deadline given to all insurance companies by the National Insurance Commission (NIC), indicates that QiC has been able to meet the new minimum capital requirement as demanded by the regulator.
Speaking at the product launch on Thursday, November 11, 2021, at the company’s head office, Chief Executive Officer (CEO) of QiC, Kobena Addison noted the Golden Age Comprehensive Insurance Policy by the year 2023 is expected to have a minimum of 750 individuals signed onto the policy with an average monthly sign up of 60 clients.
Present and also delivering an address at the product launch was the Commissioner of the National Insurance Commission (NIC), Dr Justice Ofori, who noted QiC’s Golden Age Comprehensive Insurance Policy is an innovative insurance product that seeks to respond to the needs of Ghanaians between the age of 50 years and the mid-seventies.
The Commissioner of Insurance urged QiC to put in place systems and procedures to ensure that sterling services are always delivered to clients of the policy.
Speaking further, the Commissioner noted the NIC is focused on strengthening the solvency of insurance firms, protecting the interests of policyholders and creating an enabling environment that encourages the development of innovative products.
“In this vein, insurance companies should ensure strict compliance to the Insurance Act 2021 (Act 1061), Solvency and Governance Framework, and the directives and guidelines issued by the NIC.
“We extend our congratulations to QiC for the launch of a new product, we are optimistic that the product will bring long term returns to the company,” he added.
The Golden Age Comprehensive Insurance Policy is a motor Insurance policy that provides the best all-round protection for vehicles of policyholders. It generally covers policyholders’ vehicle against fire, theft plus a loss or damage through impact, collision or overturning of the vehicle.
The scope of the insurance cover include;
- Accidental damage to the insured vehicle caused by or arising out of accidental collision or overturning due to mechanical breakdown or wear and tear.
- Total loss of vehicle due to accident
- Covers the third party’s car
- External fire explosion, self-ignition or lightning
- Theft, burglary, house breaking
- Malicious act
- Flood, storm, hurricane, volcanic eruption, earthquake or
- Other convulsion of nature, strike, riot and civil commotion
- Repair partial damaged vehicles
- Pay for total loss vehicles
- Refund of reasonable towing costs.
- Payment of basic first-aid costs for injuries by insured and other occupants as a result of an accident
- Liability to third parties
- Legal liabilities arising from an accident caused by your vehicle
- Death or bodily injury to any person – unlimited cover
- Damage to property belonging to other people – up to GH¢5,000.00
The main features of the policy are;
- 24-hour on-call services.
- Guaranteed courtesy car at the time of a claim
- Facilitation of home medical laboratory services
- Annual eye test
- Annual PSA Test for men
- Annual cervical/ breast cancer test for women
- Automatic renewal of policy at expiry
